GBP Trading Outlook (11-08-2015)

GBPUSD

Pivot: 1.551

Likely Scenario: Long positions above 1.551 with targets @ 1.5605 & 1.5635 in extension.

Alternative scenario: Below 1.551 look for further downside with 1.5455 & 1.542 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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